Adopt 2008 Tax Rates

WHEREAS the Council of the Corporation of the Town of Prescott, pursuant to the section 308 of the Municipal Act, S.O. 2001, C.25, as amended, enacted By-Law
14-2008 being a by-law to establish the 2008 tax ratios for the Town of Prescott;

AND WHEREAS the tax ratios determine the relative amount of taxation to be borne by each property class;

AND WHEREAS the property classes have been prescribed by the Minister of Finance under section 7 of the Assessment Act, R.S.O., Chapter A.31, as amended;

AND WHEREAS it is necessary for Council, pursuant to section 368.1 of the Municipal Act, to establish tax reductions for prescribed property subclasses for 2008 for the town;

AND WHEREAS the property subclasses for which tax rate reductions are to be established are in accordance to section 8 of the Assessment Act;

AND WHEREAS the tax rates reductions reduce the tax rates that would otherwise be levied for municipal purposes;

AND WHEREAS it is necessary for Council, pursuant to the section 312 of the Municipal Act, S.O. 2001 c.25, to pass a by-law levying a separate tax rate, on the assessment in each property class and further that the tax rates are to be established in the same proportion to the tax ratios;

AND WHEREAS all property assessment rolls on which the 2008 taxes are to be levied have been returned and revised pursuant to the provisions of the Assessment Act, as amended, subject to appeals at present before the Assessment Review Board, the Ontario Municipal Board and the District Court;

AND WHEREAS the Council of the Corporation of the Town of Prescott, enacted
By-law 41-1979, as amended, to establish a Board of Management for the Business Improvement Area and that each year Council shall in each year levy a special charge for all businesses within the designated area;

NOW THEREFORE the Council of the Corporation of the Town of Prescott enacts as follows:

Tax Rates

1. The tax rate reduction for:

a. the vacant land, vacant units and excess lands subclasses in the commercial property class is 30%;
b. the vacant land, vacant units and excess lands subclasses in the industrial property class is 35%

2. For the year 2008, the Corporation of the Town of Prescott shall levy upon the residential/farmland assessment, upon the multi-residential assessment, upon the commercial assessment, upon the industrial assessment, upon the pipeline assessment, upon the farmland assessment, and upon the managed forest assessment, the following rates of taxation per current value assessment for general purposes and education purposes:

3. Business Improvement Area Special Rate  0.00205140

4. For the purpose of this by-law:

a. the commercial property class includes all commercial office property, shopping centre property and parking lot property;
b. industrial property class includes all large industrial property.

Tax Payment

5. Payment of taxes shall be made by one interim installment and one final installment, comprised of two due dates.  The dates for payment of taxes in 2008 for the final tax billing shall be as follows:

For all residential, multi-residential, commercial, industrial and pipeline classes:

First installment    August 8, 2008

Final installment    September 5, 2008

6. All payments of taxes shall be payable to the Corporation of the Town of Prescott.

7. Payment of taxes on or before the due date may be made to the Tax Collector at the Municipal Offices or at most financial institutions.

8. Any payment of taxes including all penalties and interest after the due date shall be paid at the municipal office.

9. The Tax Collector may accept part payment from time to time on account of any taxes due and to give a receipt for such payment.

10. When the Tax Collector receives part payment on account of taxes due for any year, the Tax Collector shall credit such part payment first on account of the interest and penalty charges, if any, and then the remainder of such payment shall be credited first against the installment first due and secondly against the installment next due, and so on until the whole of the remainder of the payment has been credited against such taxes.
Penalties and Interest

11. A penalty charge of one and one-quarter percent (1 ¼%) shall be imposed on all unpaid taxes on the first day of default and on the first day of each calendar month thereafter in which the default continues but not after the end of the calendar year in which the taxes are levied.

12. An interest charge of one and one-quarter percent (1 ¼%) shall be imposed on all unpaid taxes on the first day of each calendar month from the thirty-first day in the year in which the taxes until the taxes are paid.

13. This by-law shall come into force and take effect upon final passage.

Read a first and second time this 20th day of May, 2008.

Read a third and final time, and passed this 20th day of May, 2008.